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Find the expected payoff for a game of chance 500 Grade Practice Test Questions TOC | Lumos Learning

Find the expected payoff for a game of chance Question & Answer Key Resources Lumos StepUp - SBAC Online Practice and Assessments - Grade 11 Mathematics2

Lumos StepUp - SBAC Online Practice and Assessments - Grade 11 Mathematics2 Find the expected payoff for a game of chance

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A school Fall Festival has booths set up for students and parents to participate in various fun games to win prizes. One such booth allows participants to select two slips of paper from a hat in order to win various monetary prizes. There are 5 slips of paper in the hat. There are 3 slips marked $50, one slip marked $1, and one slip marked $5. Each participant will select, without looking, two slips from the hat. The participant will win whichever amount is larger on their two slips of paper. The probability of winning each amount is listed in the probability table below. What is the expected amount to win?


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